Sisi approves Kuwaiti fund for Sharm el-Sheikh tunnel

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Thu, 22 Nov 2018 - 03:46 GMT

FILE – Sisi

FILE – Sisi

CAIRO – 22 November 2018: President Abdel Fatah al-Sisi issued Thursday decree No. 224 of 2018 on the approval of a loan agreement between the government of Egypt and the Kuwait Fund for Economic Development signed in Cairo on March 13.

Worth KWD 60 million, the loan comes for the tunnel project, Sharm el-Sheikh, which is part of the program of the Sinai Peninsula development.

In March, Minister of Investment and International Cooperation Sahar Nasr signed five agreements with Kuwait Fund for Development's General Director Abdel Wahab al-Badr, with a total value of KWD 86.1 million ($287 million/LE 5 billion), within the framework of developing Sinai.

The value of the first agreement is KWD 60 million to contribute in financing the Sharm el-Sheikh tunnel project, as part of the government's program for developing Sinai.

Previously, Badr pointed out that the fund has financed about 45 projects in Egypt in the fields of electricity, transport, industry, drinking water and sanitation by about $2.8 billion, in addition to grants and technical support of about $13.5 million.

Egypt, Kuwait sign 5 agreements to finance Sinai development

CAIRO - 14 March 2018: Minister of Investment and International Cooperation Sahar Nasr signed five agreements Tuesday with Kuwait Fund for Development General Director Abdel Wahab al-Badr, with a total value of KWD 86.1 million ($287 million/LE 5 billion), within the framework of developing Sinai.



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